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Moderating Effects of Financial Transparency on Accounting Information¡¯s Transmission to Share Prices: The Case Study of Non-Financial Companies Listed at BRVM

Aboudou Ouattara ()

Applied Economics and Finance, 2019, vol. 6, issue 5, 35-52

Abstract: The study of the moderating effect of non-financial companies¡¯ financial transparency on their share values in the context of African stock exchanges is part of a dual perspective. At a first stage, it questions financial theory¡¯s state of art on financial statement disclosure practices of listed companies and their anticipated influence on their shares¡¯ prices. Thereafter, based on the investigation of the specific case of the WAEMU¡¯s Regional capital market (BRVM), a financial place common to eight countries, it highlights the level of transparency in financial communication of companies listed in Africa¡¯s capital market. In doing so, it provides a dual enrichment. First, it highlights the enrichment that researches on Africa¡¯s context can provide to financial theory and its contribution to the reading of African Management practices. In a complementary fashion, it helps to discover the specific practices in Africa and their consequences on market functioning. It also questions the validity of the conclusions drawn from researches made in international environment in the African context.

Keywords: financial transparency; financial statements; value relevance; event study; developing markets; BRVM (search for similar items in EconPapers)
JEL-codes: R00 Z0 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:rfa:aefjnl:v:6:y:2019:i:5:p:35-52